Apartment project in Phoenix to receive $500K as part of affordable housing grants
PHOENIX — The redevelopment of a Phoenix apartment community was picked to receive a $500,000 grant as part of a statewide initiative to finance affordable housing projects.
Construction is set to begin in December on redeveloping the city’s Deck Park Vista Apartment Community near Hance Park at Third and Moreland streets, with the price tag being $51.6 million, according to a press release on Tuesday.
Money to help the project is part of the third round of grant disbursement for the Home Matters Arizona Fund, which is leveraging government, philanthropy and national private investment to provide a $100 million fund over two years to finance affordable housing projects in the state, according to the release.
“Home Matters to Arizona is looking to tackle affordable housing firsthand, adding critical units to address the housing crisis as well as connecting developers with other community-based providers to address systemic issues,” Jim Stringham, fund chair for the Home Matters Arizona Fund, said in the release.
The fund is a collaboration of the Arizona Association of Health Plans, according to the release, with participants including Arizona Complete Health, Banner – University Health Plan, Care1st Health Plan Arizona, Health Choice Arizona, Magellan Complete Care of Arizona, Mercy Care and The NARBHA Institute and UnitedHealthcare.
The Phoenix apartment community will consist of 65 studios, 95 one-bedroom, 42 two-bedroom and 15 three-bedroom units, along with community-wide WiFi to help address the digital divide of low-income families with children, according to the release.
It is expected to be complete in the middle of 2023, according to the complex’s official website.
The project plan promises to ensure long-term quality affordable housing with supportive services for many decades to come, according to the release.
The redevelopment of the apartment community fits the goal of the funding initiative, which looks to aid projects that demonstrate measurable positive outcomes for certain populations including low- to moderate-income families, veterans, seniors, the homeless population and people with disabilities.
“Arizona’s health care leaders are attracted to this movement because one of the biggest determinants in health outcomes is having a safe place to live,” Stringham said.
“Individuals without affordable housing are more likely than others to sacrifice necessities like healthy food and healthcare.”
A housing project in Flagstaff that will have 44 units available also received $351,000 as part of the third round of grant disbursement, according to the release, with a total development cost of $5.85 million.
Construction for the housing project in Flagstaff is set to begin in November.